A patent is defined under WordWeb dictionary as: "A document granting an inventor sole rights to an invention".

The basic idea of patents is: an inventor is granted a limited monopoly (20 years, in America and elsewhere) over a technology in return for disclosing the details of its workings, so that others can build upon the invention. Advanced technologies are thus made widely available, rather than remaining trade secrets, spurring further innovation. In some industries, notably pharmaceuticals, it is doubtful that the huge investments needed to develop new products would be made without the prospect of patent protection.1







1.http://www.economist.com/node/21526370